New York § 121 - 121Sinking fund
Full text of New York New York Consolidated Laws § 121 — 121Sinking fund, with citation guidance and answers to common questions.
§ 121. 121Sinking fund
§ 121. Sinking fund. Unless other provision be made therefor in the contract with the municipality, the supervising agency, if it shall deem it feasible at any time, subject to the limitation contained in section one hundred seven of this article, may require a redevelopment company to provide out of earnings, after provision for distributions and interest, a sinking fund in an amount to be fixed by such supervising agency for the gradual retirement of the capital and income debenture certificates of such company. Such sinking fund may be used either for the purchase or retirement, from time to time, of capital or income debenture certificates at a price approved by the supervising agency not exceeding par value thereof with accrued and unpaid distributions or interest, or if it be not practicable to purchase or retire such capital or such income debenture certificates at a price so approved, the moneys in such sinking fund may be added to the surplus of such company. Any capital evidenced by shares or income debenture certificates purchased or retired out of such sinking fund shall be cancelled and shall not be reissued.
Frequently Asked Questions About New York § 121
What does New York Consolidated Laws § 121 cover?
Section 121 ("121Sinking fund") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 121?
A common citation format is "New York Consolidated Laws § 121" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 121 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.